Miami-Area Luxury Asset Sells for $255M
The 631-unit community came online in two phases, the latter earlier this year.
JSB Capital Group has bought the 631-unit Landmark South in Doral, Fla., for $255 million. The seller of the upscale asset is an affiliate of AECOM-Canyon Partners, the developer of the community. Walker & Dunlop brokered the sale and also arranged financing for the buyer.
Built in two phases completed in 2017 and 2021, the community comprises three towers connected by a shared garage and amenity space. The property offers one- to three-bedroom floorplans, ranging from 680 to 1,445 square feet. Each unit features high-end finishes and floor-to-ceiling windows. Community amenities include two pools, two fitness centers, a spa and a pet spa. A total of 1,000 parking spaces are also available, according to Yardi Matrix data.
Both of the community’s phases were built with construction financing from Pacific Western Bank: $92 million for the first phase and $47 million for the second, according to the same data provider.
A burgeoning city
Located at 6055 NW 105th Court, the community is some 15 miles west of downtown Miami and some 2 miles northwest of downtown Doral. The latter is one of South Florida’s most coveted rental markets and the 11th fastest-growing city in the U.S., according to Walker & Dunlop. Meanwhile, metro Miami is Florida’s top market for rental units under construction, with Orlando a close second.
Active in other southern markets as well, this summer AECOM-Canyon Partners formed a joint venture with three other entities to develop a 20-story mixed-use luxury tower in Raleigh, N.C.
Walker & Dunlop’s Still Hunter, Greg Engler and Kaya Suarez formed the South Florida sales team that brokered the sale, while the company’s Aaron Appel, Keith Kurland, Adam Schwartz, Jon Schwartz, Tom Melody, Jonathan Paine and Eric McGlynn formed the capital markets team that helped the new owner secure financing.